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HealthSouth Seeks to Recover More than $100 Million from Founder Richard Scrushy
In Birmingham, Alabama, a civil trial began today against HealthSouth Corp. founder Richard Scrushy. In the case brought by shareholders suing on behalf of HealthSouth, plaintiffs allege that Scrushy owes the company more than $100 million for profiting on insider trading and misusing assets such as the corporate jet, the Birmingham News reports. “He was […]
Court Dismisses “Legally Baseless Strike Suit” Against Biovail Corp.
On May 8, 2009, the United States District Court for the SDNY dismissed with prejudice the securities class action against Biovail Corp. and several of its officers and directors. The complaint related to statements alleged to have been made by the company regarding its drug Aplenzin during the product’s U.S. regulatory approval process. U.S. Judge […]
Canada: Milberg Focusing on Canadian Class Actions, New Case Imminent
Milberg LLP is expected to become active in the Canadian securities class actions in the near future, and will team up with Toronto class action firm Kim Orr on a case to be filed this week. Kim Orr’s Won Kim told the Financial Post that his firm has “done a deal with Milberg that involves […]
Help Wanted at the SEC: “Managing Executive of the Division of Enforcement”
The SEC has posted a job opening for what appears to be a newly-created, high-level administrative position in the Enforcement Division with the title of “Managing Executive of the Division of Enforcement.” The responsibilities for the position, which are laid out in detail here, include overall management of the Division’s strategic planning, information technology, [and] […]
UK: FSA Sends Entire Department Home, in Quarantine, After Possible Swine Flu Exposure
As revealed by a recent GAO report, the SEC has had its share of challenges as it attempts to bolster enforcement of the securities markets: inadequate IT resources, no knowledge management system in place, little support staff, confounding reporting structures, bureaucratic internal review processes, and so on. But, hey, look on the bright side! At […]
Securities Docket A.M. News Wire for May 11, 2009
FSA quarantines 10 regulators after swine flu alert. http://bit.ly/wAt51 # SEC “Railroaded” Stanford, Attorneys Say: “Trying to prevent him from defending himself.” http://bit.ly/Lm9JS # Telegraph.com: Allen Stanford was ‘US government informer’ http://bit.ly/18WcAV # UK: Resolution cleared in FSA probe. http://bit.ly/11ImCR #